If you’re a dentist, then you must’ve thought that one day you’ll be eventually selling your entire practice. But have you considered that your practice could leave you with a hefty departing check? Many dentists use different ways to maximize their ROI at the time of selling their practice.
If you’re planning to sell your practice in the near future, then continue reading as we’re about to mention key ways of making your practice valuable at the time of selling.
Take care of the small things
Small things should never be ignored as they have the potential to turn negotiations in your favor. Start by keeping your practice fresh and updated, so it doesn’t appear to be rusty and in decline. You can do this by simply updating some of the older equipment, getting new carpeting, setting fresh flowers, updating old furniture, and a fresh paint job can do wonders.
Selling when you have a strong patient base
The biggest asset of any dental practice is your goodwill and patient base. Don’t hang on to you practice beyond its productive years. We all have seen this! The practitioner that once worked a full schedule and then over time reduces his workload from 5 to 4 to 3 and then even less days per week. This type of “erosion” on any business simply affects profitability, activity and ultimately stagnates the selling process.
So, wanna maximize the value of your dental practice at the time of sale? Sell the dental practice when it’s vibrant, when it’s busy, when it’s running like a business and not a hobby that you are hanging onto.
I can help you plan a strategy that will (a) not only maximize your return, but also (b) allow you to move on from the business when YOU decide – all while having transferred the operations to another, the business side to another, the headaches and staff interaction to another. You cash out the equity and continue practicing !!!
It’s also about the equipment
Practices with a modern look or equipment surely garner more attention from a wider range of buyers – and more potential buyers equate to better negotiating leverage. So, if you plan to sell your practice in the near future, let’s say a year or two, then we recommend upgrading some furniture and equipment, as this investment will yield a larger ROI.
There can be a difference between how you rate your staff and how someone else rates your staff. Potential buyers also take a good look at the staff members that come along with the practice. If you feel there is a particular member of the team which is holding you back from reaching your goals, then it’s time to give them a wakeup call. And, staff turnover can be seen by a potential buyer as a red flag.
If you consider expertise garnered over years of honing one’s craft significant… then, as one of the founders of the Dental practice for sale California with over 36 years ago, Lou Bermudez not only has the experience to guide you properly through each stage of the dental practice sale process but the ability to tilt matters in YOUR FAVOR!